Improperly applied drywall tape will do what you see. An insufficient bed of compound will allow the tape to bulge and separate. It does NOT necessarily mean a structural flaw in the condo. Remove and reapply the taping. A 1/4" gap is trivial for a drywaller but does show sloppy craftsmanship. Condos are not always the most carefully constructed buildings.

Cannot speak to the truss issue without good pictures. I often add collar ties to truss and rafter framing in attics just for extra safety (call me an overbuilder).

Mmmm yeah so.. I hope there are no framing issues as its going to get more complicated and $$$$$$$$$$

In the meantime I will see when we are getting the framing looked at, but Ill slowly start the tape job. First timer here, any step by step procedure?

Any good tutorial? I feel comfortable to try but Id like to start right. Same for the tiling job I did last summer. I was a 1st timer too, and I asked here on Houserepair talk and got veryu good advices so I could do the job extremely well.

Anything loose wants to be removed. When you use paper you want to squeeze the compound and make it flat on the wall. As you won't have a flat wall I would use mesh tape that you stick on first. When filling, don't put to much on and smooth it out with the tool, don't leave it for sanding. Allow to dry and justs scrape off the highlites and use a bigger spachula on each coat. On the corners it is easier to finish one wall first and then do the otherside when the first is dry. The off angle corner between wall and vaulted ceiling will be bear, don't beat yourself up to bad, the pros have trouble with that one too.

Vila: "I often add collar ties to truss and rafter framing in attics just for extra safety (call me an overbuilder)."
If you want to overbuild trusses, just tell the truss company to design it for a house at the highest ski hill you can think of. You will be adding 500 feet of 2x4s and none of them will be coller ties.

Remove the loose stuff and anything that will contaminate your mud, big gaps should be prefilled, might want to drive some screws into the boards to make sure everything is nice and tight. I would stay clear of mesh for the corners as it does not crease into a nice line like the paper does. tape and apply three coats of mud, sand, prime and paint.

Mmmmmm ive hit the problems jackpot ... the mud job is going just fine but since a day or 2, I am hearing strange cracking noises in my bedroom. No jokes intended here.

First night it started it was not very loud but nevertheless I could hear an intermittent noise. Couldn't really figure where it was coming from.. then last night, I woke up and the noise is louder, more rapid and this time I could pinpoint the source if it.

You see, the electrical wires (the main building power, phone and TV cable,) are attached to the building on the exterior wall just outside of my bedroom. When they swing ( due to wind) they make the wall crack. I can clearly hear this if I stick my ear on the wall next to where they are attached.

What the h*** to do whit this?

That's enough for me not to sleep, and anybody else will be the same..

I will make a couple guesses you can check into.
These power lines are on the gable end of the building, they are attached to the side of a truss.
When the trusses are installed, bracess are added on top of the bottom cord of the trusses. They look like and are often called catwalks. They are put there to hold the trusses at 24" on center and hold the outside wall straight. These braces should be no further than ten feet apart. The one closest to the wire may have broke loose or one more is needed.
At the center of the gable end truss an angle brace is installed from near the top of the trusse down to the catwalk, on really tall trusses more than one is needed to stop the wind from flexing the truss. If the wires are mid way up on a high truss you may need another angle brace just for keeping that part of the truss stiff.

The power lines are not tied to the building near the roof, but rather about mid-way between the floor & ceiling of the second story. You see this building has 2 condo units stacked on top of each other's. The first unit occupy the basement (below grade) and first floor, and my condo on top occupies the second floor (my first floor) and the third floor (my second floor). The lines are tied to the exterior wall right about my height (5ft 7in) from my bedroom floor. From my bedroom window, I can see the lines and where they tie to the building.

There is a separating wall (to separate from the other condo) that happens to be one of my bedroom's walls. The power line ties about where both walls (the separating wall & outside wall) are merging. The lines might in fact be tied exactly where the separating wall is. Not sure but visually its pretty close. Last thing I will do is use a tape to measure where the lines are located. I don't want to "ride the lightning!!"

I have a small balcony on the second floor. When I stand on that balcony, I stand way above the lines. They are far from the roof & trusses.. Whatever is going on there, I think its getting worse since its now preventing me from sleeping well... A few days ago I thought it was my bed which was squeaking. The noise seemed to be coming from the mattress (you know when you move sometimes you can hear the springs moving back or the wood frame moving a bit), but last night, it was obvious it was coming from the wall where the lines are tied. Hard to describe, I keep saying "its like a squeaking noise" but in fact its more like an irregular vibration noise, kinda like a lose anchor in concrete.. anyways the noise matches exactly the movement of the lines from the wind..

Tonight I will post some pics from outside and inside. You will get a better appreciation of the configuration.